Speaking in Zagreb last Thursday, OTP Bank Rt President-CEO Sándor Csányi confirmed rumors that Hungary’s leading commercial bank is considering the acquisition of an as yet unspecified bank in Turkey

Speaking in Zagreb last Thursday, OTP Bank Rt President-CEO Sándor Csányi confirmed rumors that Hungary’s leading commercial bank is considering the acquisition of an as yet unspecified bank in Turkey. “Turkey has 72 million inhabitants, and its economy is growing faster than Hungary’s,” noted Csányi. The idea of OTP buying a bank in Turkey could not have come at a more opportune time, observers note, as private banks in the ownership of Turkish family holdings must soon be sold, and the scramble of potential buyers has already begun. “Right up until very recently, OTP had no acquisition plans in Turkey,” an expert with close knowledge of the Hungarian bank who wished to remain anonymous told the BBJ. “However, having recovered from its crisis of 2001, the Turkish banking sector has produced outstanding results, stirring the attention of the Hungarian bank’s management.” An even more important factor, the expert added, is that under the draft of Turkey’s new law on financial institutions set to be drawn up by April as part of preparations for the country’s mooted future membership of the EU, the Turkish family holdings that own interests in numerous sectors of the Turkish economy will be obliged to part with their banking interests.